Several private equity houses have entered into the second round of bidding for Royal FrieslandCampina’s infant nutrition brand Frisco, which could value the unit at $2bn.
According to a Bloomberg report, potential bidders include Baring Private Equity Asia and a consortium comprising Junlebao Dairy and Sequoia Capital China, buyout firm DCP Capital, China Mengniu Dairy and Inner Mongolia Yili Industrial Group.
The Dutch food group put its infant formula business under strategic review last year due to the rapid evolution of key markets for infant nutrition, particularly in China, according to group CEO Hein Schumacher.
Recent PE deals in the market include Primavera Capital buying Reckitt Benckiser Group’s baby-nutrition business in Greater China for $2.2bn last year.
BPEA was said to have raised $6.5bn for the final close of its seventh flagship fund in 2020, soaring past its initial $1bn target. It exited electric vehicle connector specialist Interplex to Blackstone in January.
Venture capital veteran Sequoia Capital was creating a dedicated cryptocurrency fund last month as one of a trio of new vehicles which could raise more than $5bn between them.
The firm said it is targeting between $500m and $600m for its Crypto Fund, which will target investments in crypto tokens, between $3.2bn and $3.5bn for a new Expansion Fund, which will target US and European growth deals, and between $900m and $950m for its Ecosystem fund of funds.
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